IDEM GUI User Guide€¦ · 10.0 Tools 107 10.1 Monitor 107 10.2 ... member (and its NCM’s). Assignments List of Assignments received by the clearing system for the clearing member

BCS

IDEM

GUI

User Guide

Ver 5.1.0

June 2016

Contents

1.0 Introduction 6

1.1 About BCS 6 1.2 Work environment 7 1.3 How to get started 7 1.4 Disaster Recovery Invocation 9 1.5 Clearing calendar 9 1.6 Login 11 1.7 Change Password 12

2.0 Application layout 13

2.1 Main Menu 13 2.2 Windows layout 18 2.3 Sav ing and closing windows 22

3.0 Archives 23

3.1 Markets 23 3.2 Classes 24 3.3 Tradable Series 26 3.4 Participants 27 3.5 Non-Clearing Members 28 3.6 SubAccounts 29 3.7 Automatic Give-up 36

4.0 Positions 43

4.1 Position list 43 4.2 Rectifications 50 4.3 Transf ers 51 4.4 Sub Account Changes 56

5.0 Trades 58

Summary

User Guide June 2016

5.1 Trade list 59 5.2 Transf ers 69 5.3 Splits 73 5.4 Open Close Changes 74 5.5 Client Code Changes 75

6.0 Exercise / Assignments 77

6.1 Early Exercise (By Positions) 77 6.2 Early Exercise (By Series) 80 6.3 Expiry Exercise (Exercise by Exception) (By Positions) 81 6.4 Expiry Exercise (Exercise by Exception) (By Series) 84 6.5 Exercise Request History 87 6.6 Assignments 90

7.0 Risk Management 92

7.1 Trade Limit 93 7.2 Position Limit 95 7.3 Margin Limit 97 7.4 What If 99

8.0 Guarantees 101

8.1 Collateral Guarantees 101 8.2 Deposited guarantees 102

9.0 Report 104

9.1 Report 104

10.0 Tools 107

10.1 Monitor 107 10.2 Intraday Margin Call 108 10.3 Stop Button 109

11.0 Appendix A – Regular Expressions 110



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1.0 Introduction

This section introduces the BCS GUI application main features and provides with basic information aimed at its correct use.

1.1 About BCS

BCS for IDEM is a GUI application allowing a clearing member to execute clearing operations on IDEM Derivatives markets traded financial products.

The application allows to:

• Receive trades executed by members in real time and their own non-clearing members in the current trade date and in the last trading days

• Perform transfer, split, open/close and client code change operations

• View the history of a specified trade

• Receive positions in real time and perform rectify, transfers, subaccount change and exercise operations

• Manage exercise and assignments operations

• Manage expiry operations

• Access a set of Post Trade Risk Management functionalities on Positions, Trades and Margins

• Manage subaccounts

• Download clearing reference data

• Receive intraday margin calls and messages from the clearing system

• View deposited guarantees

• Receive and save settlement reports provided by the clearing system


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1.2 Work environment

BCS is based on a client-server architecture: the server layer is located at one of the IDEM server farms and connected to the Clearing system and markets through their network access points. On the other hand, the client layer should be installed on the clearing members’ work environment.

BCS GUI is the comprehensive solution for all IDEM clearing functionalities. The electronic platform supporting the client application is structured to make its access independent from the technical frame features of central systems.

1.3 How to get started

In order to access to the clearing services through BCS, the user needs a login name, a password and a Member Code. These data have to be requested to Borsa Italiana.

BCS GUI can be downloaded from the Borsa Italiana website (www.borsaitaliana.it) and installed on one or more members’ PCs. The BCS GUI needs Java Virtual Machine V.1.6 or higher. A compatible version of the JVM will be installed during the setup process of the BCS GUI.

The client can be used to reach production (PDC/SDC) or test environment (CDS). By default the Client will point to the production environment. The user can select the desired environment at the startup in the login window.

Before starting the application, is warmly suggested to the user to uninstall any previous version of the BCS GUI and to test the connectivity from the local desk to the BCS application servers. This involves the following steps:

• close the BCS GUI if running;

• verify with the customer network department if a natted IP address is used to reach the BCS application servers instead of the real addresses

If the real IP address is used:

• go into the BCS GUI installation directory (usually C:\Program Files\Borsa Italiana\BCS Client XXX\) and locate the GKApi_J_Version.xml” file in the “etc\Server” directory.

• verify that the file contains the real IP addresses of the BCS application servers; the IP address should be specified in the “TCP_IP” tag of each application server


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<SERVER name="BCSPRODUCTIONSERVER">

<TCP_IP>Insert here</TCP_IP>

<TCP_PORT>34900</TCP_PORT>

<KEEPALIVE_TIMEOUT>20</KEEPALIVE_TIMEOUT>

<TRANSPORT_BUFFER>1024</TRANSPORT_BUFFER>

<APPLICATION_WINDOW_SIZE>20000</APPLICATION_WINDOW_SIZE>

<TRACE_LEVEL>ERR</TRACE_LEVEL>

<TRANSACTION_BUFFER_SIZE>2000</TRANSACTION_BUFFER_SIZE>

<SUBSCRIPTION_BUFFER_SIZE>2000</SUBSCRIPTION_BUFFER_SIZE>

<INQUIRE_BUFFER_SIZE>2000</INQUIRE_BUFFER_SIZE>

<TCP_BUFFER_SIZE>10240</TCP_BUFFER_SIZE>

</SERVER>

• telnet the BCS application server IP addresses and ports from the user local PC;

• if the telnet does not work, please verify with the customer network department if the telnet attempt is filtered by any internal firewall;

If a natted IP address is used:

• go into the BCS GUI installation directory (usually C:\Program Files\Borsa Italiana\BCS Client XXX\) and locate the GKApi_J_Version.xml” file in the “etc\Server” directory;

• change the file replacing the real IP addresses with the natted ones; the ip address should be specified in the “TCP_IP” tag of each application server

<SERVER name="BCSPRODUCTIONSERVER">


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<TCP_IP>Insert here</TCP_IP>

<TCP_PORT>34900</TCP_PORT>

<KEEPALIVE_TIMEOUT>20</KEEPALIVE_TIMEOUT>

<TRANSPORT_BUFFER>1024</TRANSPORT_BUFFER>

<APPLICATION_WINDOW_SIZE>20000</APPLICATION_WINDOW_SIZE>

<TRACE_LEVEL>ERR</TRACE_LEVEL>

<TRANSACTION_BUFFER_SIZE>2000</TRANSACTION_BUFFER_SIZE>

<SUBSCRIPTION_BUFFER_SIZE>2000</SUBSCRIPTION_BUFFER_SIZE>

<INQUIRE_BUFFER_SIZE>2000</INQUIRE_BUFFER_SIZE>

<TCP_BUFFER_SIZE>10240</TCP_BUFFER_SIZE>

</SERVER>

• save the file

• telnet the natted IP addresses and ports from the user local PC;

• if the telnet does not work, please verify with the customer network department if the telnet attempt is filtered by any internal firewall;

Please notice: the user is not allowed to put chars ';' and '=’ in free fields; otherwise an error message will be shown on the GUI.

1.4 Disaster Recovery Invocation

In case of Disaster Recovery invocation, in order to correctly reach the SDC application servers, the user should restart the BCS GUI and select “SDC” in the environment field of the login window.

1.5 Clearing calendar

The CommonApplication.config configuration file, in the \etc\client directory, allows the user to define bank holidays rules for the current year.


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An example of the holiday configuration file is shown hereafter:

HOLIDAYS=*SUNDAY;*SATURDAY;01/01;$EASTER;$EASTER+1;$EASTER-1;$EASTER-2;01/05;15/08;$CHRISTMAS;$CHRISTMAS+1;$CHRISTMAS-1;31/12

Where:

• “ ; “ = Field separator character

• *SUNDAY = every Sunday of the year

• *SATURDAY = every Saturday of the year

• $EASTER = Easter date

• $CHRISTMAS = Christmas date

• $EASTER +/- n° = Easter + or – specific number of days

• $CHRISTMAS +/- n° = Christmas + or – specific number of days

• dd/mm = specific date of the year


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1.6 Login

In order to access the BCS clearing system, the login procedure should be correctly completed by the user. Username, Password and Member Code should be specified in the corresponding fields of the login window. The user should specify the environment he would like to login before clicking the Login button. PDC: Production environment CDS: Test environment At the first login the password change is required.


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1.7 Change Password

It’s possible to change the password clicking on Change Password in the File menu. The following window will be shown.

The following steps should be performed:

1. Insert the current password in the Password field; 2. Insert the new password in the New Password and in the Retype new

password fields; 3. Press the OK button to confirm.

A confirmation message will be shown informing that the transaction has been correctly sent.


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2.0 Application layout

This section will go thorough the BCS GUI layout, including the description of the work environment and the basic functions for the data management.

2.1 Main Menu

After the user has been authenticated, the BCS Main Menu will be shown on the screen. The Windows bar on the upper side of the Main Menu shows the username and the environment the user is connected to. The Main Menu is made up of two sections: Menu Bar and Active Windows Bar.

Menu Bar

The Menu Bar contains the following menus and commands:

File

Menu Description

Login Shows the login prompt

Settings Allows to access the main settings of the BCS application

Save Environment Saves the windows configuration

Change Password Changes the current password

Exit Performs the logout


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Archives

Menu Description

Markets List of the available markets

Classes List of the classes

Tradable Series List of the tradable series

Participants Clearing members list

Non-Clearing members List of own non-clearing members (for GCM only)

Sub Accounts Configuration/management of secondary accounts for every clearing member

Automatic Give-up Configuration/management of client codes for automatic give-up functionality

Positions

Menu Description

Positions Allows to manage positions registered in the clearing system. It is possible to see the list of open positions and access the functions of Rectification, Transfer, Subaccount Change and Early Exercise. It’s also possible to add positions to Custom Portfolios for Risk Management activities

Trades

Menu Description

Trades Allows to manage executed trades registered in the clearing system. It is possible to see the list of trades, the history of a single trade and access the functions of International Give-Up, Trade Transfer, Split, Open/Close Change and Client Code Change.


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Exercise/Assignments

Menu Description

Early Exercise Allows to access the function of Early Exercise Request.

Expiry Exercise (Exercise By Exception)

Allows to access the function of Exercise By Exception (Ex By Ex) and see the list of exercises at expiry proposed by the clearing system.

Exercise Request History List of Early Exercise Requests and Expiry Exercises (Exercise By Exception) Requests sent to the clearing system by the clearing member (and its NCM’s).

Assignments List of Assignments received by the clearing system for the clearing member (and its NCM’s).

Risk Management

Menu Description

Trades Limit Allows to manage the list of trade limits of the clearing member (and its NCM’s) and it shows the alarms list.

Positions Limit Allows to manage the list of position limits of the clearing member (and its NCM’s) and shows the limit values of the current business day.

Margin Limits This function will be soon available. Allows to manage the list of portfolios of the clearing member (and its NCM’s) and shows the margin limit values for the current business day.

What If This function will be soon available. Allows to calculate in advance the margin amount that the clearing system will ask to the member in case of a change on a the current open positions.

Guarantees

Menu Description

Collateral guarantees List of Collateral guarantees

Deposited guarantees List of Deposited guarantees


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Report

Menu Description

Report List of available clearing reports

Tools

Menu Description

Monitor Shows the main activities of the clearing member (and its NCM’s) in real time

Intraday Margin Calls Intraday margins requested by CC&G

Stop Button Allows to suspend or re-activate a NCM on the SOLA Trading System

The menu bar also contains two status lights:

1. BCS Server Connection Status

It shows the connection status of the BCS GUI to the BCS application servers (green/red)


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2. BCS Server Components Status

It shows the status of the BCS server components (green/red).

If the Reports component is not available (red), clearing reports file could not be downloaded; any update about the reports availability will not be sent to the user. Any other clearing function will be available;

If the CC&G component is partially unavailable (yellow), it will not be possible to submit transactions to the clearing system; historical data could not be downloaded; the trade history function will not be available;

If the CC&G component is totally unavailable (red), it will not be possible to submit transactions to the clearing system; real time updates will not be available; historical data could not be downloaded; the trade history function will not be available; clearing reports will be available;

If the Risk Management component is not available (red), it will not be possible to receive alarms and margin values updates and it will not be possible to change the limit and portfolios definition. Any other clearing function will be available;

If the Real Time component is not available, it will be possible to send submit transactions to the clearing system, anyway data shown in the GUI may not be updated;

If the Stop Button component is totally unavailable (red), the connection with SOLA trading system is down so it will not be possible to change the NCM’s trading status; any other operation that is not associated with Stop Button will be available;


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Active Windows Bar

This bar shows a button for every active window of the GUI. Clicking on a button will open the corresponding window.

2.2 Windows layout

This section describes the layout of the BCS windows and the basic functions which can be executed in order to manage, sort, filter and export data.

Toolbar

The main windows of the BCS GUI have a toolbar on the top which contains a basic set of functions.

The Filter button allows to enable a set of background filters on the displayed data. Where allowed, regular expressions can be used (See Appendix A: Regular Expressions).


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The Select All button allows to select all the rows of the table.

The Save button allows to export the content of the table into a Microsoft Excel file or to an ASCII/PDF file.

The Customize button allows to select which columns to show in the table and in which order. It’s possible to select which columns have to be shown in the fixed part of the table moving them over the red slider.


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The Autofit button allows to automatically resize the columns width in order to fully show the data contained in the cells of the table.

The Foreground button allows to select the foreground color of the rows of the table

The Background button allows to select the foreground color of the rows of the table

The Font button allows to select the font of the data displayed in the table

The Print button allows to print the data of the table. Only data shown on the screen is printed: hidden columns, if any, or filtered data will not be printed.

The Print Preview button allows to have a preview of the data before it will be printed

Business Date Bar

A Business Date Bar is present in the windows of the BCS GUI where previous days data are available. By default, the current business day is selected. In order to download data from a specific business date, the user should click on the “+” button next to the current business day tab and select the date of interest (up to T+5). A new tab will be shown in the bar, allowing to download data of the selected business date and to access the other clearing functionalities. It’s possible to switch between any active tab of the Business Date Bar in any time. Any tab will be automatically updated in case of a change on the displayed data, even if the tab is active in background.


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Table functions

It’s possible to access a basic set of functions for the data management right clicking on the table header of every BCS window.

The Sort By Ascending button allows to sort the data of the column in ascending order.

The Sort By Descending button allows to sort the data of the column in descending order.

The Remove All Sorts button allows to remove any sort previously defined on any column of the table.

The Quick Filter button allows to filter the rows of the table basing on a value of the selected column.


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The Remove All Quick Filters button allows to remove any filter previously defined on any column of the table.

The Remove Current Quick Filter button allows to remove a filter previously defined on the selected column of the table.

The Columns button allows to access a submenu with the following functions: Hide Column, Customize, Autofit Column and Autofit All.

The Colors button allows to access a submenu with the following functions: Background and Foreground

The Font button allows to select the font of the data displayed in the table

The Select button allows to select all the rows of the table basing on a value of the selected column

The Export to Excel button allows to export the content of the table into a Microsoft Excel file.

The Print button allows to print the data of the table. Only data shown on the screen is printed: hidden columns, if any, or filtered data will not be printed.

The Print Preview button allows to have a preview of the data before it will be printed

2.3 Saving and closing windows

The Save Environment function, in the File menu of the Main Menu, allows to save the windows current configuration (i.e. filters, characters, colors, sort criteria, etc…).

The configuration is saved before closing and exiting the BCS client.


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3.0 Archives

This menu allows users to access clearing reference data like available markets, product classes, tradable series and clearing members. It allows also to manage sub accounts and automatic give-up codes.

3.1 Markets

The Markets window shows the information concerning the markets to which the member belongs to.


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Table columns description:

Id Market identification code

Acronym Market identification name

Alpha code Market alphanumeric code

Description Market description

3.2 Classes

The Classes window shows the list of the classes of the markets to which the member belongs to. A class is a group of derivatives instruments, options or futures, with the same underlying.


Symbol Class Name

Product Type

Product type (B = bond, C = equity and fund quotes, F=future, O= option, R = repo, V= convertible, W = warrant)


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Product Group

Underlying Symbol

Description Class Description

Market Trading market

ISIN Code ISIN code of the underlying

Underlying Underlying

Margin interval

Maximum upward/downward expected deviation of the underlying price

Settlement Type

Settlement type of a financial contract (ST = settled, CSH = cash settled, FUT = future style)

Contract size

Number of shares underlying a standard contract

Option Underlying type

Financial instrument type (Bond, Equity, Index)

Option Style

Option style (American, European)

SubType Instrument type (N=Normal, W=Weekly, M=Monthly, Q=Quarterly, Y=Yearly , D=Delivery)

Settlement days

Number of days between trade and settlement date


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3.3 Tradable Series

The Tradable Series window shows the list of the standard tradable instruments for the current date. Only the tradable series of the markets to which the member belongs to are shown.


Symbol Class Symbol

Product type

Product type (B = bond, C = equity and fund quotes, F= future, O = option, R = repo, V = convertible, W = warrant)

Strike price Strike Price

Put/Call Option type (Put/Call)


ISIN Code Instrument ISIN code

Series Name of the series


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name

Expiry Day Expiry date

Last Trading Day

Last Trading Date

Closing Price

Daily settlement price (closing price)

Last Day Price

Last day settlement price

Closing Price Date

Closing price reference date

Underlying Price

Underlying product reference price

Open interest

Open Long/short positions amount

Volatility Volatility calculated by the clearing system

3.4 Participants

The Participants window shows the members’ list for each market. Only members of the markets to which the member belongs to are shown.


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ABI Code Clearing Member Identif ication Code for the Clearing system

CED Code Market assigned numeric code

Description Member name

Mnemonic Alphanumeric code

Participant Code

Member clearing code

Market Trading Market

Type Member type (Individual Clearing member, Non-Clearing member, General Clearing

member)

3.5 Non-Clearing Members

The Non-Clearing Members window shows, for each available market, the list of the Non- Clearing Members and segregated accounts (ISA and AOA) of the Clearing Member.


ABI Code Clearing Member Identification Code for the Clearing system

CED Code Market assigned numeric code

Description Participant name


Participant Code Participant clearing code



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Type Member type (Non-Clearing member, General Clearing member)

3.6 SubAccounts

The Subaccounts window allows to show and manage the list of subaccounts of the member and its NCMs.

SubAccount List

This window lists all the subaccounts of the Clearing Member. For General Clearing Members, also Non-Clearing Members subaccounts are shown. New subaccounts are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. At the same way, any update on a subaccount is automatically shown.


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ABI Code Member ABI Code

Account Type Account type (House/Client)

SubAccount SubAccount name

Activation date Sub account activation date

Disabling date Sub account deactivation date

Creation date Sub account creation date

Modify date Sub account modification date

Market maker flag Flag Market maker

Liquidity provider flag Flag Liquidity provider

Keep net position flag Flag Keep net position

Net Margin Flag Net Margin flag

Sub account status Sub account status

Each subaccount can be modified or disabled.


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Add New Subaccount. This function allows to create a new subaccount.

The user is required to specify the new sub account details in the dialog window.

The following fields have to be selected: Market, Member Code, Account Type (House/Client), Sub Account name (only upper-case characters and numbers are allowed), Activation Date, Keep Net Position and Net Margin.

Modify: In order to modify an existing subaccount, the user has to right click on a specified subaccount in the SubAccount List window and select Modify. Only some parameters can be changed: Keep net position, Net margin, Activation date and Inactivation date.


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Client Code Links

This window lists all the subaccounts / client code links of the member. For General Clearing Members, also Non-Clearing Members data are shown. New subaccount / client code links are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. At the same way, any update on a subaccount / client code link is automatically shown

A subaccount / client code link is an association between a subaccount and a specific client code. The member can specify a client code previously associated to a subaccount in a client code change operation on a trade, in order to transfer the trade to the related subaccount.


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ABI Code Member ABI Code

Client code Client Code

Account type Account type (House/Client)

Sub account Sub account

Creation date Sub account / client code link creation date

Modify date Sub account / client code link modification date

Client Code link status Sub account / client code link status

Add Client Code Link: This function allows to create a new subaccount-client code link. The user should select the SubAccount value from the Sub Account field, the Account Type field will be populated accordingly. If both House and Client Account types have been set-up for that subaccount, the user should specify which one (House or Client) he wants to associate to the client code.


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Modify: The user can right click a specific subaccount/client code link and choose the Modify option. A pop-up window will be shown. Here the user can choose a new subaccount that will be assigned to the client code.

Inactivate: The user can right click a specific subaccount/client code link choose the Inactivate option. Clicking Ok, the existing subaccount / client code link will be inactivated.


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Client Code Link Changes

This window shows all the changes made during the current business day on subaccount / client code links for a specific Member. For General Clearing Members, also Non-Clearing Members data are shown. New changes are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. Displayed changes will be active from next business day.



Member Member ABI Code

Client code Client code

Account type Account type (House/Client)

Sub account Sub Account

Modify Type Description of requested operation type

Modify Time Modify Time

Delete: It is possible to delete a change made on a subaccount-client code link right clicking on the corresponding row and selecting Delete; a dialog window will pop up; the user should select Ok to delete the change.


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3.7 Automatic Give-up

The Automatic Give-Up menu allows to manage International Give-Up and Trade Transfer operations automatically, using client codes associated to specific participants; Automatic Give-up codes can be set on both sender (Give-out) and receiver (Take-Up) sides.

Members can set Give-Out and Take-Up client codes in order to automatically transfer trades among different participants.

Give-Out

This window lists all the Give-Out client codes of the member. For General Clearing Members, also Non-Clearing Members Give-Out codes are shown. New Give-Out codes are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. At the same way, any update on a Give-Out codes is automatically shown.

Table columns description :


Deliver member Deliver member code


Account type Account type (client only)

Receiver member Receiver member code

Rectify Position Rectify Position

Description code Description code (receiver member has to specify the same value into Description code field of the corresponding Take-Up)


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Activation date Activation date

Inactivation date Inactivation date

Creation date Creation date

Modify date Modify date

Status Give-out status

Add New Give-Out function allows to create a new Give-Out client code. All fields are mandatory.

Modify: In the Give-Out list, the user can right click on the row corresponding to the Give-Out that has to be modified and select Modify. Only enabled fields can be modified.


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Take-Up

This window lists all the Take-Up client codes of the member. For General Clearing Members, also Non-Clearing Members Take-Up codes are shown. New Take-Up codes are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. At the same way, any update on a Take-Up codes is automatically shown.



Deliver member Trading member code


Account type House/Client account type

Receiver member Clearing member code

Open/Close Open/Close/Assigned by Trader

Description code Description (the deliver member has to specify the same code into description code field of the corresponding Give-Out)

Additional info Free text additional information

Activation date Activation date

Inactivation date Inactivation date

Creation date Creation date

Modify date Modification date

Status Take-Up status


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Add new Take-Up: This function allows to create a new Take-Up client code.

All fields are mandatory except for Additional Info. The value “Assigned by Trader” in the “Open\Close” field will assign to the incoming trade the same value specified for it by the trader.

Modify: In the Take-Up list, the user can right click the row corresponding to the Take-Up that has to be modified and select Modify. Only enabled fields can be modified.


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The value “Assigned by Trader” in the “Open\Close” field will assign to the incoming trade the same value specified for it by the trader.


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4.0 Positions

This menu allows members to manage positions registered in the clearing system. It is possible to see the list of open positions and access the functions of Rectification, Transfer, Subaccount Change and Early Exercise. It’s also possible to add positions to Custom Portfolios for Risk Management activities. The Positions menu is made by the following tabs:

Positions List: it shows the list of open positions of the clearing member (and its NCM’s) and allows to access the functions of Rectification, Transfer, SubAccount Change, Early Exercise Request and Add to Portfolio;

Rectify: it shows the rectified positions of the clearing member (and its NCM’s);

Transfers: it shows the position transfers (delivered and received) of the clearing member (and its NCM’s); it allows to access the functions of Accept, Reject and Cancel Position Transfer;

SubAccount Change: it shows the list of SubAccount Changes of the clearing member (and its NCM’s).

4.1 Position list

This window lists all the positions owned by the member. For General Clearing Members, also Non-Clearing Members positions are shown. New positions are automatically shown as soon as they are managed by the clearing system, without having to manually inquire the clearing system. At the same way, any update on a position (i.e. Position Transfer, SubAccount Transfer, Rectifications, …) is automatically shown.


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ABI code Clearing Member Identification Code for the Clearing system

Account Type Account Type (House/Client)

Sub Account Sub Account

Series Name Name of the Tradable Series

ISIN Code ISIN Code

Long Long current positions

Short Short current positions

Symbol Alphanumeric symbol of underlying instrument

Expiration Month Expiration Month

Product Type Product type (B = bond, C = equity and fund quotes, F = future, O = option, R = repo, V = convertible, W = warrant)

Expiration Date Expiration Date

Strike Price Strike Price


Opening Date Position opening date


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Last Operation Last operation date

Long at opening Long positions at market opening

Short at opening Short positions at market opening

Transfer Price Transfer price

Intraday exercises Early intraday exercises

Intraday assignments Intraday assignments

Exercises Early exercises

Assignments Assignments

ITM amount In the money amount

Rectify

Rectify allows to increase / decrease positions in options on share or index. It’s possible to rectify only IDEM market positions on Client account.

In order to execute a Rectify, the user should select a position from the Positions List, right click on it and select Rectify.


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A pop-up will be opened. The following steps should be performed:

1. Insert a value into the Volume field; 2. Select the Increase or Decrease option; 3. Press OK button to confirm

A confirmation message informs the user that the transaction has been successfully committed.

Transfer

The Position Transfer allows to transfer an open position to another clearing member. The clearing system processes the transfer request only after the counterpart has accepted the received position.

Through a Position Transfer is also possible to change the account type of a position. This can be done selecting the member itself as receiver of the transfer and selecting the desired account type while accepting the transfer.

The user can access the position Transfer function right clicking on a specified position in the positions list (also multiple selection is allowed).


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In order to send a Position Transfer, the user should select one or more positions from the Positions List, right click on them and select Transfer.


1. Insert a value into the Volume field; 2. Select Long or Short in the Long/Short option; 3. Select Yes or No in the Rectify Position option. Selecting Yes the clearing

system will automatically increase the positions in case they are no more available when the receiver clearing member accepts the transfer (i.e. in case of trade executions on the transferred series);

4. Insert a value into the Additional Info field (optional); 5. Select the Receiver Member specifying the ABI code or the clearing member

description; 6. Press the OK button to confirm.



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Sub Account Change

The Sub Account Change allows to change the subaccount of a specific position. At the same time it’s possible to rectify the position and assign a part of it to the new sub account.

In order to perform a Sub Account Change, the user should select a position from the Positions List, right click on it and select Sub Account Change.


1. Insert the number of positions to be transferred into the Volume field; 2. Select Long or Short in the Long/Short option; 3. Select Yes or No in the Rectify Position option. Selecting Yes the clearing

system will automatically increase the positions in case they are no more available when the receiver clearing member accepts the transfer (i.e. in case of trade executions on the transferred series);

4. Select the new Sub Account of the position in the Sub Account option; 5. Insert a value into the Additional Info field (optional); 6. Press the OK button to confirm.



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Early Exercise Request

The Early Exercise Request allows to send early exercise requests to the clearing system.

In order to send an Early Exercise Request, the user should select a position from the Positions List, right click on it and select Early Exercise Request.


1. Insert the number of positions to be early exercised into the Quantity field; the quantity field is limited to four digits. In order to early exercise a quantity with more than four digits, the user should send more than one request, to cover the whole amount of positions to exercise;

2. Insert a value into the Additional Info field (optional); 3. Press the Insert button to confirm.


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The list of early exercise requests sent can be verified in the Exercise/Assignments main menu, in the Exercise Request History sub-menu.

Please notice An early exercise can be executed also in the Early Exercise (By Positions) and Early Exercise (By Series) windows, which can be reached through the Exercise/Assignments main menu.

4.2 Rectifications

This window lists all the position rectifications of the member. For General Clearing Members, also Non-Clearing Members rectifications are shown. The window lists the rectifications executed on the current business date. New rectifications are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window.

In order to have access to previous days rectifications, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market field and click on the Download button. Rectifications that match the specified criteria will be displayed.



Member Member ABI Code


Expiration Month Expiration month


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ISIN Code ISIN Code

Series name Name of the series


Volume Volume

Sign Operation sign (+ = increase, - = decrease)

Execution Date Position adjustment date

Execution Time Position adjustment time

Status Operation status (Y=executed, N=not executed)


4.3 Transfers

This window lists all the Position Transfers of the member. For General Clearing Members, also Non-Clearing Members transfers are shown. The window lists the transfers executed on the current business date. New transfers are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. At the same way, any update on a transfer (i.e. transfer status changed) is automatically shown.

The window is composed by two tables: the Transferred Positions and the Received Positions. The Transferred Positions table shows all the transfers sent by the member to other clearing members or to the member itself. The Received Positions table shows all the transfers received by the member. The color of the row identifies if the request has been accepted by the receiver clearing member (green row), has been refused (red row), is still pending (yellow row), or has been cancelled by the member (white row).

In order to have access to previous days transfers, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.


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A new tab will appear in the Business Date Bar. The user should select the Market field and click on the Download button. Transfers that match the specified criteria will be displayed.

The color of the row shows the transfer status, according to the following table:

Color Status Description

Green Processed The receiver accepted the transfer. The position is now owned by the receiver.

Red Rejected The receiver rejected the transfer. The position is still owned by the sender.

Yellow Holding The receiver didn’t accept (or reject) the transfer yet. The position is still owned by the sender.

White Cancelled The sender cancelled the transfer request before the receiver accepted or rejected it. The position is still owned by the sender.


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Deliver Member Deliver ABI Code

Receiver Member Receiver ABI Code

Deliver Name Deliver Name

Receiver Name Receiver Name

Status Status of the Transfer

(H=Holding, P=Processed, R=Rejected, C=Cancelled)

Additional Info Free text additional information


ISIN Code ISIN code of the Tradable Series


Volume Transfer Quantity

Long/Short Position type (Long/Short)


Transfer Date Business Date of the Transfer

Entry Time Entry Time of the Transfer (when the Deliver Clearing Member sent the Transfer Request)

Execution Time Execution Time of the Transfer (when the Receiver Clearing Member accepted/rejected the Transfer Request)

Symbol Alphanumeric Symbol of Underlying

Expiry Month Expiration Month of the Tradable Series

Strike Price Strike Price of the Tradable Series

Put/Call Option type (Put / Call) of the Tradable Series

Transfer Price Transfer Price

Deliver Account Type Deliver Account Type (House / Client)

Receiver Account Type

Receiver Account Type (House / Client)


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Deliver Client Info Deliver Client Info

Deliver Client Code Deliver Client Code

Receiver Client Info Receiver Client Info

Receiver Client Code Receiver Client Code

Transferred/Received Transfer Type (Transferred / Received)

Product Type Product type of the Tradable Series (B = bond, C = equity and fund quotes, F=future, O= option, R = repo, V= convertible, W = warrant)

Position Value Counter value

Cancel Transfer Request

Pending position transfers with status H (Holding) can be cancelled by the deliver member. The user should right click on the pending transfers in the Transferred Positions table and select Cancel Transfer Request.


1. Press OK button to confirm


Confirm Transfer Request

Pending position transfers with status H (Holding) can be accepted (confirmed) by the receiver member. The user should right click on the pending transfers in the Received Positions table and select Confirm.

The transfer will be executed by the clearing system only after the user accepts the received position. Received positions can be allocated on house or client account. If the transfer is accepted, the color of the row gets green as soon as the transfer is executed by the clearing system; the red row confirms instead that the transfer request has been rejected by the user.



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1. Select Open or Close in the Open/Close option; 2. Select Client or House in the Receiver Account Type option; 3. Select the Sub Account in the Sub Account option; 4. Insert a value into the Receiver Client Code field (optional); 5. Insert a value into the Receiver Client Info field (optional); 6. Press OK button to confirm


Reject Transfer Request

Pending position transfers with status H (Holding) can be rejected by the receiver member. The user should right click on the pending transfers in the Received Positions table and select Reject.





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4.4 Sub Account Changes

This window lists all the sub account changes of the member. For General Clearing Members, also Non-Clearing Members changes are shown. The window lists the sub account changes executed on the current business date. New changes are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window.

In order to have access to previous days sub account changes, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market field and click on the Download button. Sub Account Changes that match the specified criteria will be displayed.




Request Date Date of the modification request

Request Time Time of the modification request

Long/Short Position type (Long/Short)


Original Sub Account Original sub account identifier

Sub Account sub account identifier


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Rectify Position Gross position rectification flag

Symbol Alphanumeric symbol of underlying financial instrument





ISIN Code ISIN Code

Series Name Name of the series

Quantity Quantity


Request State Request state

Return Code Operation result

Counter value Countervalue


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5.0 Trades

This menu allows to manage executed trades registered in the clearing system. It is possible to see the list of trades, the history of a single trade and access the functions of International Give-Up, Trade Transfer, Split, Open/Close Change and Client Code Change. The Trades menu is made by the following tabs:

Trades List: it shows the trades of the clearing member (and its NCM’s) and allows to access the functions of International Give-Up, Trade Transfer, Split, Open/Close Change and Client Code Change;

Transfers: it shows the trade transfers (delivered and received) of the clearing member (and its NCM’s); it allows to access the functions of Accept, Reject and Cancel Trade Transfer;

Splits: it shows the splits of the clearing member (and its NCM’s);

Open/Close Changes: it shows the Open / Close Changes of the clearing member (and its NCM’s);

Client Code Changes: it shows the Client Code Changes of the clearing member (and its NCM’s);

Trade History: it shows all the clearing operations performed on the selected trade.


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5.1 Trade list

This window lists all the trades owned by the member. For General Clearing Members, also Non-Clearing Members trades are shown. The window lists the trades of the current business date. New trades are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. At the same way, any update on a trade (i.e. Client Code Change, Open / Close Change, Split, International Give Up, Trade Transfer, …) is automatically shown. A trade is automatically removed from the Trades List after a transfer to another clearing member or after a split. In this case the row is shown in red and after a few seconds it is removed (during this phase the contract state value is R (Reversing)).


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In order to have access to previous days trades, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market, the Account Type and the Side fields and click on the Download button. Trades that match the specified criteria will be displayed.




Trade Date Business Date of the Trade

Contract Number Trade Identification Number assigned by the Clearing system

Unique Key for a Trade is made by:

Market + Contract Number + Side + Trade Date

Side Side of the Trade (Buy / Sell)

Trade Price Price of the Trade

Quantity Quantity of the Trade

Contract State State of the Trade (T = Active / C = Cancelled / R = Reversing)

Account Type Account Type (House / Client)




Order Number Unique identifier of the order in the Trading System

Original Contract Number Trade Identification Number for the Clearing system before a split. In case of multiple splits, the Contract Number of the original trade is shown

Market Contract Number Trade Identification Number assigned by the Trading System.

Trade Time Execution Time of the Trade



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Expiration Month Expiration Month of the Tradable Series



Open/Close Open / Close

Trader Id Trader Identifier assigned by the Trading System

Requested for Transfer Quantity Transferred Quantity

Client Code Client Alphanumeric Code

Client Info Optional free text notes

Trade Source Source of the Trade (M = Market, G = Give-Up, S = Split, D = Data Entry). This field is populated only for derivatives markets.

Market Trade Source Market Source of the trade. This field is populated only for derivatives markets.

International Give up

The International Give Up allows to send one or more trades to another clearing member. The transfer is performed at the execution price. The settlement of the variation margins (or the premium as well) is performed accordingly. Only the clearer has to deposit initial margins. The clearing system processes the transfer request only after the counterpart has accepted the received trade. This function is available only on T trades. It is possible to transfer trades only to counterparts other than the member itself. Only the overall amount of trade can be transferred.


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In order to send an International Give up, the user should select one or more trades from the Trades List, right click on them and select International Give-Up.


1. Select Yes or No in the Rectify Position option. Selecting Yes the clearing system will automatically increase the positions in case they are no more available when the receiver clearing member accepts the transfer (i.e. in case of trade executions on the transferred series);




Trade Transfer

The Trade Transfer allows to send one or more trades to other clearing members or to the member itself. The transfer is performed at the execution price. The settlement of the variation margins (or the premium as well) is performed accordingly. Only the clearer has to deposit initial margins. The clearing system processes the transfer request only after the counterpart has accepted the received trade. This function is available only on T+1 and T+2 trades. Only the overall amount of trade can be transferred.

Through a Trade Transfer is also possible to change the account type of a position. This can be done selecting the member itself as receiver of the transfer and selecting the desired account type while accepting the transfer.

In order to send a Trade Transfer, the user should click on the “+” button on the Business Date Bar and select the T+1 (or T+2) date. A new tab will appear in the Business Date Bar. The user should select the Market, the Account Type and the Side fields and click on the Download button. Trades that match the specified criteria will be displayed. The user should select one or more trades from the Trades List, right click on them and select Trade Transfer.


1. Select Yes or No in the Rectify Position option. Selecting Yes the clearing system will automatically increase the positions in case they are no more


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available when the receiver clearing member accepts the transfer (i.e. in case of trade executions on the transferred series);




Split

The Split allows to separate any trade into a set trades (up to 8), each one having a different volume amount. The total amount of the separated trades should be equal to the volume of the original trade.

This function is allowed on T, T+1 and T+2 trades.

In order to execute a Split, the user should select a trade from the Trades List, right click on it and select Split.


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A pop-up will be opened, showing in the higher part the current trade and in the lower part the trades that will be created after the split. The following steps should be performed:

1. Insert a value into the Quantity field in both the rows of the New Trades table. In case more than two trades should be generated from the split, the total amount should be lower than the quantity of the original trade; in this case, an additional row will be shown in the New Trades table, allowing to specify the Quantity field for another trade. The Remaining Quantity indicator, in the lower part of the window, shows the quantity of the original trade that still needs to be allocated;

2. Repeat the insertion of the quantity for each trade that should be generated from the split (up to 8 trades);

3. Insert a value into the Client Code field in any row of the New Trades table (optional);

4. Insert a value into the Client Info field in any row of the New Trades table (optional);

5. Press the OK button to confirm. A confirmation message will be shown informing that the transaction has been correctly sent.


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Open / Close Change

This function is allowed only on T trades.

In order to execute an Open / Close Change, the user should select one or more trades from the Trades List, right click on them and select Open/Close Change.


1. Select Open or Close in the Open/Close option; 2. Select Yes or No in the Rectify Position option; 3. Press OK button to confirm



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Client Code Change

The Client Code Change allows to change the Client Code and the Client Info values of one ore more trades. This operation could trigger a Sub Account Change or an Automatic Give-Up in case the specified Client Code has been previously created and associated to any of this functionalities (see sections 3.6 and 3.7).

In order to execute a Client Code Change, the user should select one or more trades from the Trades List, right click on them and select Client Code Change.


1. Insert a value into the Client Code field; 2. Insert a value into the Client Info field (optional); 3. Press the OK button to confirm.

In case multiple trades have been selected, it’s possible to insert the same Client Code and the same Client Info values in all of them at the same time using the copy and paste functionality (CTRL+C; CTRL+V) in the Client Code Change window.


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Trade History

The Trade History allows to download all the clearing operations done on a selected trade.

In order to access the Trade History, the user should select a trade from the Trades List, right click on it and select Trade History.

A pop-up will be shown, listing each clearing operation performed on the trade:







Contract Number + Side + Trade Date


Trade Price Price of the Trade


Contract State State of the Trade (T = Active / C = Cancelled)





Order Number Unique identifier of the order in the Trading System

Original Contract Number Trade Identification Number for the Clearing system before a split. In case of multiple splits, the Contract Number of the original trade is shown

Market Contract Number Trade Identification Number assigned by the Trading System.

Trade Time Execution Time of the Trade





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Open/Close Open / Close

Trader Id Trader Identifier assigned by the Trading System

Requested for Transfer Quantity Transferred Quantity



Trade Source Source of the Trade (M = Market, G = Give-Up, S = Split, D = Data Entry).

Market Trade Source Market Source of the trade.

Operation Clearing Operation performed on the Trade


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5.2 Transfers

This window lists all the International Give-Ups and Trade Transfers of the member. For General Clearing Members, also Non-Clearing Members transfers are shown. The window lists the transfers executed on the current business date. New transfers are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. At the same way, any update on a transfer (i.e. transfer status changed) is automatically shown.

The window is composed by two tables: the Transferred Trades and the Received Trades. The Transferred Trades table shows all the transfers sent by the member to other clearing members. The Received Trades table shows all the transfers received by the member. The color of the row identifies if the request has been accepted by the receiver clearing member (green row), has been refused (red row), is still pending (yellow row), or has been cancelled by the member (white row).

In order to have access to previous days transfers, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market field and click on the Download button. Transfers that match the specified criteria will be displayed.

The color of the row shows the transfer status, according to the following table:

Color Status Description

Green Processed The receiver accepted the transfer. The trade is now owned by the receiver.

Red Rejected The receiver rejected the transfer. The trade is still owned by the sender.

Yellow Holding The receiver didn’t accept (or reject) the transfer yet. The trade is still owned by the sender.

White Cancelled The sender cancelled the transfer request before the receiver accepted or rejected it. The trade is still owned by the sender.


Deliver Member Deliver ABI Code

Receiver Member Receiver ABI Code

Deliver Name Deliver Name

Receiver Name Receiver Name


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Status Status of the Transfer

(H=Holding, P=Processed, R=Rejected, C=Cancelled)

Additional Info Free text additional information









Original Contract Number

Trade Identification Number for the Clearing system before a split. In case of multiple splits, the Contract Number of the original trade is shown

Market Contract Number

Trade Identification Number assigned by the Trading System.

Transfer Date Business Date of the Transfer

Entry Time Entry Time of the Transfer (when the Deliver Clearing Member sent the Transfer Request)

Execution Time Execution Time of the Transfer (when the Receiver Clearing Member accepted/rejected the Transfer Request)

Price Transfer Price





Deliver Account Type Deliver Account Type (House / Client)

Receiver Account Type

Receiver Account Type (House / Client)

Deliver Client Info Deliver Client Info

Deliver Client Code Deliver Client Code

Receiver Client Info Receiver Client Info


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Receiver Client Code Receiver Client Code


Quantity Transfer Quantity

Transferred/Received Transfer Type (Transferred / Received)

Product Type Product type of the Tradable Series (B = bond, C = equity and fund quotes, F=future, O= option, R = repo, V= convertible, W = warrant)

Transfer Mode Transfer Mode (Automatic / Manual)

Cancel Transfer Request

Pending trade transfers with status H (Holding) can be cancelled by the deliver member. The user should right click on the pending transfers in the Transferred Trades table and select Cancel Transfer Request.




Confirm Transfer Request

Pending trade transfers with status H (Holding) can be accepted (confirmed) by the receiver member. The user should right click on the pending transfers in the Received Trades table and select Confirm.

The transfer will be executed by the clearing system only after the user accepts the received trade. Received trades can be allocated on house or client account. If the transfer is accepted, the color of the row gets green as soon as the transfer is executed by the clearing system; the red row confirms instead that the transfer request has been rejected by the user.

Please notice: Trades transferred via Automatic Give-Up don’t need to be accepted by the receiver member.


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International Give-ups not accepted by the end of the day, will expire.


7. Select Open or Close in the Open/Close option; 8. Select Client or House in the Account Type option; 9. Insert a value into the Client Code field (optional); 10. Insert a value into the Client Info field (optional); 11. Press OK button to confirm


Reject Transfer Request

Pending trade transfers with status H (Holding) can be rejected by the receiver member. The user should right click on the pending transfers in the Received Trades table and select Reject.





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5.3 Splits

This window lists all the trade splits executed by the member. For General Clearing Members, also Non-Clearing Members splits are shown. The window lists the splits executed on the current business date. New splits are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. In order to have access to previous days splits, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market field and click on the Download button. Splits that match the specified criteria will be displayed.




Contract number Trade Identification Number assigned by the Clearing system



Original Contract Number

Trade Identification Number for the Clearing system before a split. In case of multiple splits, the Contract Number of the last Contract split is shown

Series name Name of the Tradable Series

Trade date Business Date of the Trade

Buy/Sell Side of the Trade (Buy / Sell)

Account type Account Type (House/Client)


Client info Optional free text notes

Client code Client Alphanumeric Code

Market Contract Number

Trade Identification Number assigned by the Trading System


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5.4 Open Close Changes

This window lists all the Open / Close Changes executed by the member. For General Clearing Members, also Non-Clearing Members Open / Close Changes are shown. The window lists the changes executed on the current business date. New Open / Close Changes are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. In order to have access to previous days Open / Close Changes, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market field and click on the Download button. Open / Close Changes that match the specified criteria will be displayed.


Open Close Open / Close (O = Open, C = Close)





Contract number Trade Identification Number assigned by the Clearing system



Account type Account Type (House / Client)




Expiration date Expiration Date of the Tradable Series


Put / Call Option type (P = Put, C = Call)

ISIN code ISIN code of the Tradable Series




Market Contract Trade Identification Number assigned by the Trading System.


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Number

Request Time Execution Time of the Open / Close Change Request

Request Date Execution Date of the Open / Close Change Request

Request State State of the Open / Close Change Request

Return Code Return Code of the Open / Close Change Request

5.5 Client Code Changes

This window lists all the Client Code Changes executed by the member. For General Clearing Members, also Non-Clearing Members Open / Close Changes are shown. The window lists the changes executed on the current business date. New Client Code Changes are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. In order to have access to previous days Client Code Changes, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market field and click on the Download button. Client Code Changes that match the specified criteria will be displayed.



Original Client Code

Client Code before the Client Code Change



Original Sub Account

Sub Account before the Client Code Change




Contract Number

Trade Identification Number assigned by the Clearing system



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Account type Account Type (House / Client)


Open / Close Open / Close (O = Open, C = Close)

Rectify Position Rectify Position (Y = Yes, N = No)

Expiration date Expiration Date of the Tradable Series


Put / Call Option type (P = Put, C = Call)

ISIN code ISIN code of the Tradable Series



Request Time Execution Time of the Client Code Change Request

Request Date Execution Date of the Client Code Change Request

Request State State of the Client Code Change Request

Return Code Return Code of the Client Code Change Request


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6.0 Exercise / Assignments

This menu allows to exercise the long option positions and verify the assignments received for the short option positions. The Exercise/Assignments menu is made by the following sub-menus:

Early Exercise: it allows to access the function of Early Exercise “By Position”, i.e. by seeking the option position to exercise within the list of the open positions, or “By Series”, i.e. by seeking the option series to exercise within the list of all the option series;

Expiry Exercise (Exercise By Exception): it allows to access the function of Expiry Exercise (Exercise By Exception) By Positions, i.e. by seeking the expiring option position within the list of the expiring option positions (where are also indicated the automatic exercises proposed by the clearing system), or “By Series”, i.e. by seeking the expiring option series within the list of all the expiring option series;

Exercise Request History: it shows the early exercise requests and the expiry exercises (Exercise By Exception) requests sent by the member to the clearing system;

Assignments: it shows all the assignments received by the member for its short option positions.

The information for the use of the above mentioned functions are provided below.

6.1 Early Exercise (By Positions)

This window lists all the options positions of the member for which is possible to send an Early Exercise Request (long positions). For General Clearing Members, also Non-Clearing Members data are shown. New data are automatically shown as soon as they are processed by the clearing system, without the need for manual refresh of the window. At the same way, any update on a position is automatically shown.


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Sub Account SubAccount


ISIN Code ISIN Code

Long Long current positions

Short Short current positions







Opening Date Position opening date

Last Operation Last operation date

Long at opening Long positions at market opening

Short at opening Short positions at market opening


Intraday exercises Early intraday exercises

Intraday assignments Intraday assignments

Exercises Early exercises

Assignments Assignments

ITM amount In the money amount


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Early Exercise Request

The Early Exercise Request allows to send an early exercise request on the specified position to the clearing system.

In order to send an Early Exercise Request, the user should select a position from the Early Exercise (By Positions) window, right click on it and select Early Exercise Request.


1. Insert the number of positions to be early exercised into the Quantity field; the quantity field is limited to four digits. In order to early exercise a quantity with more than four digits, the user should send more than one request, to cover the whole amount of positions to exercise;



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The list of early exercise requests sent can be downloaded through the Exercise/Assignments main menu, in the Exercise Request History sub-menu.

Please notice An early exercise can be executed also in the Positions List window, which can be reached through the Positions main menu or in the Early Exercise (By Series) window, reachable from the Exercise / Assignments menu.

6.2 Early Exercise (By Series)

The Early Exercise (By Series) window allows to send early exercise requests to the clearing system by seeking the option series to exercise within the list of all the option series.


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1. Select the tradable series of the position to early exercise in the ISIN Code or in the Series Name field;

2. Select H or C in the Account Type option; 3. Select the Sub Account of the position to early exercise in the Sub Account

field; 4. Insert the number of positions to be early exercised into the Quantity field; the

quantity field is limited to four digits. In order to early exercise a quantity with more than four digits, the user should send more than one request, to cover the whole amount of positions to exercise;


A confirmation message informs the user that the transaction has been successfully committed

Please notice

An early exercise can be executed also in the Position List window, reachable from the Positions item of the main menu or in the Early Exercise (By Position) window, reachable from the Exercise / Assignments menu.

6.3 Expiry Exercise (Exercise by Exception) (By Positions)

This window lists all the automatic and non-automatic exercise proposals which could be confirmed or exercised by exception by the member. If the member intends to accept all exercise and non-exercise proposals, it does not need to perform any operations. For General Clearing Members, also Non-Clearing Members data are shown. Any update of the window is automatically shown without the need for manual refresh. Any exercise proposal will be automatically updated in case of Exercise By Exception sent by the member.


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Table column description:






Expiration month Expiration Month of the Tradable Series





Proposed Quantity Proposed quantity

Requested Quantity

Requested Quantity

Abandoned Quantity

Abandoned Quantity

Available Quantity Available Quantity

Exercise type Exercise type (P=Proposed, E=Exception)

ITM/OTM In the Money / Out of the Money

ITM/OTM amount In the Money / Out of the Money amount

Underlying Price Underlying price

Series name Name of the Tradable Series


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Exercise By Exception Request

The Exercise By Exception allows the user to send:

1. a request to partially or entirely exercise an Out of the Money option, which would be otherwise, abandoned by the clearing system;

2. a request to entirely abandon an In the Money option, which would be otherwise exercised by the clearing system.

In order to send an Exercise By Exception request, the user should select an expiry exercise proposal from the Expiry Exercise (Exercise By Exception) (By Positions) window, right click on it and select Exercise by Exception.


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1. Insert the number of positions to be exercised by exception into the Quantity field; the quantity field is limited to six digits. Every Exercise by Exception sent replaces a previous request already sent on the same ISIN Code / Abi Code / Account Type / Sub Account;


The list of exercise by exception requests sent can be downloaded through the Exercise/Assignments main menu, in the Exercise Request History sub-menu.

Please notice An exercise by exception can be executed also in the Expiry Exercise (Exercise By Exception) (By Series) window, reachable from the Exercise / Assignments menu.

6.4 Expiry Exercise (Exercise by Exception) (By Series)

The Expiry Exercise (Exercise By Exception) (By Series) window allows to send to the an exercise by exception request to the clearing system.


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1. Select the tradable series of the position to exercise by exception in the ISIN Code or in the Series Name field;

2. Select H or C in the Account Type option; 3. Select the Sub Account of the position to exercise by exception in the Sub

Account field; 4. Insert the number of positions to be exercised by exception into the Quantity

field; the quantity field is limited to six digits. Every Exercise by Exception sent replaces a previous request already sent on the same ISIN Code / Abi Code / Account Type / Sub Account;



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A confirmation message informs the user that the transaction has been successfully committed

Please notice An exercise by exception can be executed also in the Expiry Exercise (Exercise By Exception) (By Positions) window, reachable from the Exercise / Assignments menu.


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6.5 Exercise Request History

The Exercise Request History window is made by the following tabs:

Early Exercises Sent: it shows the list of early exercise requests sent to the clearing system by the clearing member (and its NCM’s) and allows to access the function of Cancel Early Exercise Request;

Expiry Exercises: it shows the list of exercises by exception sent to the clearing system by the clearing member (and its NCM’s).

Early Exercises Sent

This window lists all the early exercise requests sent by the member. For General Clearing Members, also Non-Clearing Members exercises are shown. The window lists the early exercise requests of the current business date. New exercises are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window. At the same way, any update on an exercise (i.e. cancellation) is automatically shown.

In order to have access to previous days exercises, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market and the ABI Code fields and click on the Download button. Exercises that match the specified criteria will be displayed.


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ISIN Code ISIN Code of the Tradable Series


Sub Account Sub Account of the position


Quantity Exercised Quantity

Exercise time Time of the Exercise Request

Exercise date Date of the Exercise Request

Status Status of the Early Exercise Request (P=Processed, C=Cancelled)

Request Date Request Date

Total exercises quantity

Total exercises quantity


ITM/OTM amount In the Money / Out of the Money Amount




Put/Call Option Type (Put / Call)

Request key Request Key of the Early Exercise Request assigned by the clearing system

Cancel Exercise Request: The Cancel Early Exercise Request allows to cancel an early exercise request previously sent to the clearing system.

In order to send a Cancel Early Exercise Request, the user should select an early exercise position from the Early Exercises Sent tab of the Exercise Request History window, right click on it and select Cancel Early Exercise Request.


1. Press the Ok button to confirm.


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Expiry Exercises

This window lists on the expiration day all the exercise by exception requests sent by the member. For General Clearing Members, also Non-Clearing Members exercises are shown. New exercises are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window.

Table column description:



Sub Account Sub account of the position

ISIN Code ISIN Code of the Tradable Series

Account Type Account type: (House/Client)

Requested Quantity Requested Quantity

Proposed Quantity Proposed Quantity


ITM/OTM amount In the Money / Out of the Money Amount

Exercise time Time of the Exercise Request


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Strike Price Strike price

Put/Call Put/Call

Expiration month Expiration Month

Additional info Free text additional info


Underlying Price Underlying price

Status Status of the Early Exercise Request (P=Processed, R=Refused)

Please notice

A cancel functionality for ex by ex requests is not available. Since the last ex by ex request always overwrites the former (on the same ISIN Code / Abi Code / Account Type / Sub Account), the user can just send another request with quantity 0 to delete a request previously sent.

6.6 Assignments

This window lists all the assignments received for the short option positions of the member. For General Clearing Members, also Non-Clearing Members assignments are shown. The window lists the assignments of the current business date. New assignments are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window.

In order to have access to previous days assignments, it’s possible to click on the “+” button on the Business Date Bar and select the date of interest.

A new tab will appear in the Business Date Bar. The user should select the Market and the ABI Code fields and click on the Download button. Assignments that match the specified criteria will be displayed.


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Table columns description :



ISIN Code ISIN Code



Account Type Account type (House/Client)


Assignment Date Assignment Date

Sub account Sub Account

Strike Price Strike price

Put/Call Put/Call

Assigned Quantity Assigned Quantity


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7.0 Risk Management

This menu allows to access to all the Risk Management functionalities : Trade Limit, Position Limit, Margin Limit and What If. The Risk Management menu is made by the following windows:

Trades Limit: it shows the list of trade limits of the clearing member (and its NCM’s) and allows to create a new limit or change and delete an existing limit; for each trade limit, an alarm will be shown as soon as a new executed trade fall under the imposed trade limit threshold; this check will be carried out evaluating, for each new executed trades, the notional value for derivatives products or the counter value for stock contracts;

o for derivatives instruments, the notional value is calculated multiplying the price by the quantity by the Index Point Value or Contract Size (if the instrument is on Index or on Stock); for a future instruments the price variable might refer to the trade price, settlement price or a VWAP price, while for an option instrument the price variable might refer to the premium or the strike price.

o for stock instruments, the counter value is calculated multiplying the price by the quantity.

Position Limit: it shows the list of position limits of the clearing member (and its NCM’s) and allows to create a new limit or change and delete an existing limit; it shows, for each position limit, the limit values of the current business day; as for trade limit, this check is carried out evaluating, for all the trades in place that composes the positions included in the Position Limit, the notional value for derivatives products or the counter value for stock contracts;

Margin Limit: it shows the list of the existing portfolios of the clearing member (and its NCM’s) and, for each portfolio, the margin limit values of the current business day and the portfolio definition; it allows to create a new portfolio (and related margin limit) or change and delete an existing portfolio (and related margin limit);

What If: it allows to calculate in advance the margin amount that the clearing system will ask to the member in case of a change on a the current open positions.


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7.1 Trade Limit

This window is composed by three tables:

Trades Limit: lists all the existing trade limits; right clicking on the limit, it is possible to change or delete the trade limit; clicking on the icon next to the Limit name, the details of the limit are shown. In case the risk engine doesn't work properly and the limit computation is not possible, the corresponding trade limit name will be highlighted with a yellow background. Clicking on the “Add” button, it is possible to add a new trade limit through the following window.


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1. Select the market from the Market List; 2. Insert the Trade Limit Name in the related text box; 3. Select the ABI code from the combobox; 4. Select the ProductGroup from the combobox 5. Define a value for the Limit1

In order to narrow the subset of trades to be included in the limit, it is possible to select values for ProductType, Put/Call, ExpiryDay, StrikePrice; if the LimitIndicator field is blank, the “StrikePrice” value is considered as default value. Clicking on the icon next to the Limit name the details of the limit are shown.

Trade Limit Definition: it shows all the series included in the selected Trade Limit. Trade Limit Alarm: it shows an alarm as soon as an executed trade fall under the

imposed trade limit threshold.


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7.2 Position Limit


Positions Limit: lists all the existing position limits; right clicking on the limit, it is possible to change or delete the position limit; clicking on the icon next to the Limit name, the details of the limit are shown. In case the risk engine doesn't work properly and the limit computation is not possible, the corresponding position limit name will be highlighted with a yellow background. Clicking on the “Add” button on the bottom, it is possible to add a new position limit through the following window.


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1. Select the market from the Market List; 2. Insert the Position Limit Name in the related text box; 3. Select the ABI code from the combobox; 4. Select the ProductGroup from the combobox 5. Define a value for the Limit1

In order to narrow the subset of positions to be included in the limit, it is possible to select values for ProductType, Put/Call, ExpiryDay, StrikePrice; if the LimitIndicator field is blank, the “StrikePrice” value is considered as default value.

Position Limit Definition: it shows all the positions included in the selected Positions Limit.

Position Limit Values: it shows the timetable of the limit values, and the threshold of the Limit1 and, if specified in the PositionLimit definition, the threshold of Limit 2 and Limit 3. Every five minutes, a notification with the Position Limit value is received, and the


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chart in the Position Limit Values table updates accordingly; as soon as a clearing operation that impacts the Position Limit value is executed, a notification with the new value of the Position Limit is received, and the chart in the Position Limit Values table updates accordingly.

7.3 Margin Limit


Portfolios: lists all the existing portfolios of the clearing member (and its NCM’s) with an associated margin limit. By right clicking on the portfolio, it is possible to change the portfolio and the related margin limit or to delete them. By clicking on the icon next to the Portfolio name, the details of the portfolio and of the related margin limit are shown. In case the risk engine doesn't work properly and the margin limit computation is not possible, the corresponding Portfolio name will be highlighted with a yellow background. By clicking on the “Add” button on the bottom, it is possible to add a new portfolio with a new associated margin limit through the following window.


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1. Select the Portfolio Type between Standard and Custom; 2. Insert the Portfolio Name in the related text box; 3. Select the ABI code from the combobox; 4. Select the Account Type from the combobox; 5. Select the Market from the related combobox; 6. Select the list of Members to be added in the new portfolio from the list of the

available ones; 7. Define the Margin Limit by filling in the related text boxes: Margin Limit Name,

Initial Margin value, Limit 1, Limit 2, and Limit 3 values.

Portfolio Definition: it shows the composition of the selected portfolio.


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Margin Limits: it shows, for each portfolio, the timetable of the margin limit values of the current business day and the threshold of the Limit1, Limit2, and Limit3. Every five minutes, a notification with the Margin Limit value is received, and the chart in the Margin Limits table updates accordingly; as soon as a clearing operation that impacts the Margin Limits value is executed, a notification with the new value of the Margin Limits is received, and the chart in the Margin Limits table updates accordingly.

7.4 What If


Starting Portfolio: lists the available portfolios with an associated margin limit that can be used as a starting point for the What If computation. The starting portfolio is to be chosen between an empty one or among the listed ones.

Portfolio Definition: it shows the composition of the selected portfolio.

Positions Delta List: it lists the positions to be considered as part of the starting portfolio for the What If computation of the new Margin value. By clicking on the “Modify” button on the bottom, it is possible to modify the Positions Delta List through the following window.


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1. Select the Market from the related combobox; 2. Select the Symbol from the related combobox; 3. Select the Product Group from the related combobox; 4. Select the Product Type from the related combobox; 5. Select the positions to be added in the Positions Delta List by double clicking on

them; 6. In the Position Delta List table, for each position, select Account Type, Sub

Account, Volume, and Long/Short from the related combobox; 7. Click the Add button at the bottom of the window; 8. Click the Calculate Margin Limit button at the bottom of the previous window to

calculate the new margin value.


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8.0 Guarantees

This window shows collateral securities deposited in the Clearing System.

8.1 Collateral Guarantees

This window shows the list of securities eligible to be deposited in the clearing system.


ISIN Code Security ISIN Code


102

Description Security description

Currency Security currency

Price Market price is calculated, for Government bonds different from BOT, as the compounded average market price on MTS. If not available, a price meaningful of market conditions is referred to. BOTs are evaluated at their nominal value.

Headcut HeadCut

8.2 Deposited guarantees

This window shows the list of collateral guarantees deposited in the clearing system.


Allocation type Allocation Type on cash guarantees (O=Option, F=Futures)

Deposit ID Deposit ID

Repayment date Repayment Date

ABI Code Member’s ABI Code

Account Type Account Type: House/Client

Type Deposit Type (GD=Government Bonds Deposit, BD=Equities Deposit, CC=cash)

Deposit Date Deposit Date

Expiration Date Expiration date

Quantity Quantity (0 if cash)

Value Margins hedge value (0 on not cash guarantees)

ISIN Code ISIN Code (not valued if cash)

Description Description

Currency Currency

Sub Account Subaccount

Bulk Deposit Modify: The user can change the allocation and the subaccount associated to one or more shares deposits. In order to access this function, the user has to right click on the a specified guarantee and select Bulk Deposit Modify.


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In order to modify a subaccount the user has to select a new value in the SubAccount field; to modify the allocation just select O (option) or F(future); is possible to perform both t hese changes simultaneously. Click the OK button to send the modifications to the system. The results will be shown into the columns Allocation type change result and Sub account change result.


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9.0 Report

This window shows the list of clearing reports provided by the clearing system, together with the Order and Trades files provided by the trading system.

9.1 Report

This window shows the list of the clearing reports available on a specified date. Some reports are available in a multiple format, so the user can select to download them in TXT, PDF or XML. A General Clearing Member can manage and download also its NCM’s reports selecting the corresponding tab.


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Report Type Report type identification code

Description Report description

PDF PDF Report availability status and zipped file size

XML XML Report availability status and zipped file size

TXT TXT Report availability status and zipped file size

ZIP ZIP Report availability status and zipped file size

(Only for RISK file)

GCM GCM Participant Code the report refers to

Operational steps description:

1. Select the Date and press Download button to view available reports for that date. 2. For General Clearing Members, more than one tab will appear, allowing to

choose the NCM for which you want to download the report. 3. Select the row of the desired report and right click on the row. Depending on

the availability of the formats, you will be able to open them (“Show Report as”) or save them in the local PC (“Save Report as”).

Please notice For Risk file only the “Save report as” functionality is available.


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The report window always shows the most recent version of a report, in case more than one update is sent during the same day. After the selection, the download of the report will start, showing a progress bar that will alert about the remaining and the elapsed time for this action. The user can abort the download clicking on the Break button and then on Close.


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10.0 Tools

This menu allows to access the Monito and the Intraday Margin Calls windows.

10.1 Monitor

The Monitor windows shows in real time the list of clearing events previously subscribed by the user. This window is automatically opened by the GUI after the login and show any event generated from that moment on related to the member. For General Clearing Members, also Non-Clearing Members events are shown. New events are automatically shown as soon as they are managed by the clearing system, without having to manually refresh the window.

By default, only a subset of clearing events are subscribed for the notification. The user could customize the list of events to be shown in this window by clicking the Settings button in the toolbar.

The Settings button allows the user to select which clearing events to be shown in the Monitor window. It’s also possible to select the Always Show on Top and the Open at Startup options. To enable any change, the user should click the Ok button.

The Clear Messages button allows to clear the Monitor window deleting all the listed events.

Clicking on any event in the Monitor window will open the corresponding window of the GUI where the information of that event is displayed.


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It’s possible to change the colors of the events by clicking on the Background button in the toolbar. It’s possible to define a color for every type of clearing event.


Time Timestamp of the reception of the clearing event message

Event Description of the clearing event

10.2 Intraday Margin Call

This window shows the requests of additional intraday margins issued by the clearing system to the participant.

This window will be automatically shown when a new intraday margin call will be required by the clearing system to the clearing member or to one of its NCMs. In this case one tab for each NCM will be shown.


Sequence Number Identifier of the request

Date Date of the request

Account Type Account Type

Initial Margin Initial Margin

Variation Margin Variation Margin

Premium Margin Premium Margin

Net Margin Net Margin

Asset Guarantees Amount


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Requested amount Requested Amount

Percent Variation Percent Variation

Margin Call Type Margin Call Type

10.3 Stop Button

This window allows a GCM to suspend one of its NCMs in the SOLA Trading System on the selected Market and to inactivate all its active orders on that market. The user should click on the tab of the corresponding market, right click on the row of the NCM he would like to suspend and click “Disable”. The new trading status of the NCM will be shown in the Status table. It’s possible to re-activate the clearing member right clicking on the corresponding row and selecting “Enable”. It’s possible to suspend a NCM on a selected market only once per day. The Stop Button window can be accessed only by GCMs. Currently the Stop Button functionality is active only on IDEM, IDEX and AGREX markets.


ABI Code Clearing Member Identif ication Code for the Clearing system

Description Member name



Type Member type (Individual Clearing member, Non-Clearing member, General Clearing member)

Status Trading Status of the member

Active = the clearing member is active on the selected market

Inactive = the clearing member is not active on the selected market

Unknow n = the trading state of the clearing member is not available

Missing Link = the stop button functionality is not active for the clearing member on the selected market (i.e. for MTA, MTS, MOT, ICSD markets)


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11.0 Appendix A – Regular Expressions

A regular expression is a string (sequence of characters) built with a proper syntax, which express characteristics shared by a set of strings.

Assume you intend to use a notation to indicate all the strings which begin by ‘a’ and end by ‘o’: we will write ‘a*o’ to indicate all these strings which share the characteristic to start by ‘a’ and end by ’o’ The following strings belong to the set mentioned above ‘ao’, ’ago’, ’also’ but not ‘aristotelis’ or ‘psycho’. The character ‘*’ used into the regular expression indicate whatever sequence of characters.

Let’s see the syntax to be used for regular expressions and the meaning of each abbreviation:

x “x” character

[] Finds a single character into the brackets. For instance,[abc] looks for an ‘a’, a ‘b’ or a ‘c’.[a-z] is an interval and f inds every small character of the alphabet. Mixed cases can occur:

[abcq-z] looks for b, c, q, r, s, t, u, v, w , x, y, z, just as [a-cq-z].

[^] Finds every small character not included into the brackets. For instance, [^abc] f inds all the

characters different than “a”, “b”, o “c”. [^az] looks for every character different than small

letter

^ Indicates the beginning of the string

$ Indicates the end of the string

() Define a sub expression

X? X w hich recurs 0 or one time

X* X w hich recurs 0 or several times

X+ X Which recurs at least once

X{n} X w hich recurs tw ice exactly

X{n,} X w hich recurs at least n times

X{n,m} X w hich recurs at least n times and no more than m times

XY X follow ed by Y

X|Y X or Y


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X and Y are regular expressions

Some examples follows:

[ab]* = all the strings which start by a or b

[ a-c]*a$ = all the strings which start by “a”, “b” e “c” but which end by “a”

*s{2}* = all the strings which have two “s” at any point of the sequence

*cu(t|p) =strings which end by ”cut” and “cup”

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Documents

IDEM GUI User Guide€¦ · 10.0 Tools 107 10.1 Monitor 107 10.2 ... member (and its NCM’s). Assignments List of Assignments received by the clearing system for the clearing member